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Reply #100: Who does the mortgage-interest deduction benefit? [View All]

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joshcryer Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-30-10 04:25 PM
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100. Who does the mortgage-interest deduction benefit?
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  -If you think the housing market is bad now, it will crater - mortgage deduction next on list Liberal_in_LA  Nov-29-10 06:00 PM   #0 
  - It's like they are deliberately trying to  ohheckyeah   Nov-29-10 06:01 PM   #1 
  - trying to? the mission is in full swing..wait until the next wave of foreclosures  xiamiam   Nov-29-10 06:44 PM   #13 
  - it was all in the plans..what more proof do people need..to get slapped on the head and a wisper in  flyarm   Nov-29-10 08:35 PM   #24 
  - Now hear this: The PLAN is to have the US worker earn the same as a Third-Worlder. That way, the  WinkyDink   Nov-30-10 12:16 PM   #72 
  - I know. I can't believe the timing on this suggestion. n/t  pnwmom   Nov-29-10 06:02 PM   #2 
  - I know. I can't believe the timing on this suggestion. n/t  pnwmom   Nov-29-10 06:02 PM   #3 
  - Considered, by whom?  Lil Missy   Nov-29-10 06:07 PM   #4 
  - By Obama and congress I guess. It was stated as 1 of the next targets after the pay freeze was  Liberal_in_LA   Nov-29-10 06:20 PM   #8 
  - You guess??? Why post on something you don't know about. Your heard it on what radio show????  Pisces   Nov-30-10 11:30 AM   #60 
  - "heard on the radio"  treestar   Nov-29-10 10:56 PM   #27 
     - Yes, that whole "Debt Commission" thing is just a figment  bullwinkle428   Nov-30-10 09:53 AM   #37 
        - The OP didn't say it was being considered by the "Debt Commission"  Lil Missy   Nov-30-10 10:39 AM   #42 
  - Congress could place a cap on the deduction, so that only the wealthiest homeowners are affected  slackmaster   Nov-29-10 06:08 PM   #5 
  - That is already addressed by the AMT....  WCGreen   Nov-29-10 11:01 PM   #29 
  - Only logical option.  joshcryer   Nov-30-10 04:22 PM   #97 
  - Nixing mortgage Interest deductions....  Brother Buzz   Nov-29-10 06:11 PM   #6 
  - I heard a guy on the radio this morning  sharp_stick   Nov-29-10 06:17 PM   #7 
  - Shhhhhhhhhhhh.  MedicalAdmin   Nov-30-10 11:02 AM   #49 
  - Total elimination of the deduction won't happen. I can see the  WestSeattle2   Nov-29-10 06:28 PM   #9 
  - I wouldn't be terribly confident about that  MadHound   Nov-29-10 06:35 PM   #10 
  - I doubt it. Too many people rely on that deduction for the rationale of home ownership.  CTyankee   Nov-29-10 06:53 PM   #14 
  - I hope you are right about this, CTyankee.  Tuesday Afternoon   Nov-29-10 07:24 PM   #15 
  - I guess you could "pick a number" so to speak and work the math backwards  CTyankee   Nov-30-10 09:09 AM   #34 
  - What makes you think the banksters won't arrange for a total end to the home  kestrel91316   Nov-30-10 10:52 AM   #45 
     - +1 - of course it's a land grab.  MedicalAdmin   Nov-30-10 11:05 AM   #51 
     - Yup. nt  TBF   Nov-30-10 12:22 PM   #75 
  - Real estate sales excise taxes generate billions in revenue for  WestSeattle2   Nov-30-10 09:29 PM   #105 
  - Yes, I'm amazed there is one for second homes!  treestar   Nov-29-10 10:57 PM   #28 
     - Lots of relatively small boats  Gaedel   Nov-30-10 04:34 PM   #101 
        - That's insane.  treestar   Dec-01-10 12:07 AM   #106 
           - Mebbeso, but it is the case nt  Gaedel   Dec-01-10 04:50 AM   #107 
  - It needs to go  notesdev   Nov-29-10 06:39 PM   #11 
  - boy oh boy  lise   Nov-29-10 11:04 PM   #30 
  - The renter's 'deduction' is the extra rent s/he doesn't get charged  Lance_Boyle   Nov-30-10 11:01 AM   #48 
  - This Is Why I Love My 80 YO Landlady & Hope She Sticks Around  NashVegas   Nov-30-10 12:24 PM   #76 
  - Who does it benefit?  joshcryer   Nov-30-10 04:14 PM   #92 
  - actually,  lise   Nov-30-10 07:52 PM   #104 
  - It occurs to me that Canada does not have a mortgage deduction  MedicalAdmin   Nov-30-10 11:46 AM   #64 
  - Yay! Then more property can be owned by the banks!  WolverineDG   Nov-30-10 11:06 AM   #52 
  - The mortgage interest deduction doesn't hurt renters, and it may help them  slackmaster   Nov-30-10 12:18 PM   #73 
  - Or profit more.  joshcryer   Nov-30-10 04:09 PM   #91 
     - It depends on local market conditions. If there is a surplus of rentals available, prices go down.  slackmaster   Dec-01-10 10:20 AM   #108 
  - The mortgage deduction goes primarily to the rich  Scruffy1   Nov-30-10 04:39 PM   #102 
  - I will just pay off the loan early  bhcodem   Nov-29-10 06:43 PM   #12 
  - How nice for you. n/t  Tuesday Afternoon   Nov-29-10 07:24 PM   #16 
  - lol. I'm a relatively new homeowner. losing the deduction would be a huge loss  Liberal_in_LA   Nov-29-10 07:28 PM   #17 
  - hell..I just purchased. First payment is due Jan. 1...  Tuesday Afternoon   Nov-29-10 07:30 PM   #18 
     - You'll love that deduction. Mine 1st year's deduction increase my take home by more than $500 month  Liberal_in_LA   Nov-29-10 08:03 PM   #21 
        - sigh...yeah ...it is the first year that will be the killer. I have budgeted for that  Tuesday Afternoon   Nov-29-10 08:14 PM   #22 
  - Right?  Xenotime   Nov-30-10 11:15 AM   #55 
  - YES!  lise   Nov-29-10 11:12 PM   #31 
  - The interest on $10000 is way under the standard deduction anyway.  cemaphonic   Nov-30-10 04:05 PM   #90 
  - I don't know how this affects the poorest, but most lower middle class and  Ilsa   Nov-29-10 07:41 PM   #19 
  - It will have an effect on middle class people in high cost/high income areas.  Gormy Cuss   Nov-29-10 07:52 PM   #20 
  - I stopped itemizing last year. Standard deduction was more.  Dr.Phool   Nov-29-10 08:30 PM   #23 
  - This middle middle class  ohheckyeah   Nov-29-10 10:10 PM   #25 
  - the poorer you are  lise   Nov-29-10 11:24 PM   #33 
  - More people will walk away.  Dappleganger   Nov-29-10 10:54 PM   #26 
  - Won't happen so no use talking about it -  lynne   Nov-29-10 11:13 PM   #32 
  - Won't happen because it would be good public policy  Bragi   Nov-30-10 09:21 AM   #36 
  - Sorry, don't agree. Think it's horrid public policy that harms low to middle class persons -  lynne   Nov-30-10 12:07 PM   #70 
     - I agree it won't happen due to politics  Bragi   Nov-30-10 01:20 PM   #87 
  - Which is exactly what is / will happen.  MedicalAdmin   Nov-30-10 11:49 AM   #65 
  - Would it not likely be phased in?  Bragi   Nov-30-10 09:18 AM   #35 
  - It also encourages home ownership which is a good thing.  Ginto   Nov-30-10 10:49 AM   #44 
     - I'm skeptical about the social benefits of home ownership  Bragi   Nov-30-10 11:15 AM   #54 
        - I think of it as a savings account.  Ginto   Nov-30-10 11:22 AM   #56 
           - You could do the same with any investment  Bragi   Nov-30-10 11:34 AM   #61 
              - Different when you're forced to do it.  Ginto   Nov-30-10 11:37 AM   #62 
                 - And yet that doesn't happen here in the US.  MedicalAdmin   Nov-30-10 11:53 AM   #67 
                 - It's not that hard.  Ginto   Nov-30-10 12:05 PM   #69 
                 - Sorry, it's nothing like social security  Bragi   Nov-30-10 12:31 PM   #79 
                    - Desire to buy homes didn't cause the bubble.  Ginto   Nov-30-10 12:36 PM   #80 
                       - I understand you prefer houses to apartments  Bragi   Nov-30-10 12:45 PM   #81 
  - But that is acceptable here on DU  WolverineDG   Nov-30-10 10:00 AM   #38 
  - +1  Earth_First   Nov-30-10 10:09 AM   #39 
  - Canada doesn't allow home mortgage interest to be deducted  JBoy   Nov-30-10 10:15 AM   #40 
  - Only if your mortgage is over 500000 dollars.  tjwash   Nov-30-10 10:29 AM   #41 
  - Even in this shithole of a RE market in SoCal, $500k STILL won't get you  kestrel91316   Nov-30-10 10:56 AM   #46 
  - but, but, but, that's FAIR!  uncle ray   Nov-30-10 10:48 AM   #43 
  - I think we should raise taxes on apartment rents to tackle the deficit.  Ginto   Nov-30-10 10:56 AM   #47 
  - Is that a joke?  Bragi   Nov-30-10 11:23 AM   #57 
     - Why shouldn't we raise taxes on rent in upscale neighborhoods?  Ginto   Nov-30-10 11:29 AM   #59 
  - It's only "fair" to those who don't own property & are jealous of those who do  WolverineDG   Nov-30-10 11:02 AM   #50 
     - No, it would more fair overall  Bragi   Nov-30-10 11:28 AM   #58 
     - No it would mean more people would end up only being renters  WolverineDG   Nov-30-10 12:15 PM   #71 
        - Not so  Bragi   Nov-30-10 12:53 PM   #83 
        - they are not after all of the real estate, they are after all of the money.  uncle ray   Nov-30-10 01:02 PM   #85 
           - which is what they will have when everyone has to rent & can't afford to own a home  WolverineDG   Nov-30-10 01:47 PM   #88 
              - tricking people into buying is more lucrative than dealing with renters.  uncle ray   Nov-30-10 03:24 PM   #89 
     - really? the "you're all just jealous" argument?  uncle ray   Nov-30-10 12:58 PM   #84 
  - Could any Democrat actually support this attack on the middle class?  Mimosa   Nov-30-10 11:11 AM   #53 
  - The mortgage interest deduction is regressive  taught_me_patience   Nov-30-10 11:42 AM   #63 
  - It is a regressive tax, but it is helpful at tax time to many.  MedicalAdmin   Nov-30-10 11:56 AM   #68 
  - Agreed, however...  Bragi   Nov-30-10 12:20 PM   #74 
  - No, it's really not.  joshcryer   Nov-30-10 04:17 PM   #94 
  - This doesn't surprise me greatly  Bragi   Nov-30-10 01:09 PM   #86 
  - It's just loud DUers who have rental property.  joshcryer   Nov-30-10 04:16 PM   #93 
  - I've never made enough to take this deduction, standard deduction gives me more  uppityperson   Nov-30-10 11:51 AM   #66 
  - Along with the helpful(to most)mortgage deduction...  hayu_lol   Nov-30-10 12:31 PM   #78 
  - Just heard on the tv. that this will never be touched. Tv trumps radio.  Pisces   Nov-30-10 12:30 PM   #77 
  - Everyone's always for higher taxes for the other guy  mainer   Nov-30-10 12:52 PM   #82 
  - I think people are just ignorant that the regressive tax benefits the rich more.  joshcryer   Nov-30-10 04:19 PM   #95 
  - It's all part of the plan...  JuniperLea   Nov-30-10 04:19 PM   #96 
  - It doesn't make sense for the government to promote real estate prices which don't match wages  Romulox   Nov-30-10 04:24 PM   #98 
  - Is the Mortgage-Interest Deduction Really A Middle-Class Tax Break?  joshcryer   Nov-30-10 04:24 PM   #99 
  - Who does the mortgage-interest deduction benefit?  joshcryer   Nov-30-10 04:25 PM   #100 
  - Well, the news today is "It's Confirmed, The Housing Double Dip Is Here"  OlympicBrian   Nov-30-10 06:00 PM   #103 
 

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